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Below is the Views On daily markets note by Mr. Nagaraj Shetti – Technical & Derivative Analyst, HDFC securities
After the formation of doji type candle pattern in the last session, the Nifty slipped into a sharp weakness today and closed lower. A long negative candle was formed today, that has placed at the next lower support of 11850-800 levels. But, the overall chart pattern indicates that the present support is likely to be broken lower in the near term.
A decisive move below the support of 11800 levels could open the next downside target of around 11650 levels in the near term.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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